Australia

AU 'Bang and Olufsen' home in Sydney's Point Piper sells for $33m

The third highest residential price recorded in Sydney has been paid by a mystery buyer for a house in Point Piper / File

THE third highest residential property price ever recorded in Sydney has been paid by a mystery buyer for a harbourfront landmark.

Known as the "Bang and Olufsen house" due to its design reminiscent of a hi-fi sound system, the Point Piper home sold for $33 million - the highest price paid in Sydney this year.

Its new owner remains a mystery with the home changing hands through a silent sale, however it is not believed to be an international buyer.

Elton John had once shown interest in purchasing the property.

The five-bedroom waterfront mansion on 1414sq m in Wolseley Cres is not enormous by Point Piper standards, but the eyewatering price tag is symbolic for agents and vendors as it indicates the top end of Sydney's luxury market may be turning a corner after several soft years.

This grand sum comes after a Bellevue Hill mansion sold under the hammer last month for $7.7 million and a neighbouring property, the former home of aviation and transport magnate Sir Peter Abeles, was recently earmarked for auction in May with expectations of more than $11 million.

The fact that multimillion-dollar homes are being taken to auction is an indication that there are cashed-up buyers about. In the current market, auctions are usually reserved for properties under $5 million.

Bill Bridges of Ballard Property confirmed that he sold the Point Piper property to someone he had "on his books''.

Locked by a confidentiality agreement, Mr Bridges would not confirm the identity of the buyer.

In 2006, Bruce McWilliam, commercial director of the Seven Network since 2003, bought the house for $24 million according to RP Data statistics.